证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 药明合联 (2268.HK) [Table_Author] 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 全方位高增长，订单储备充足，产能持续 扩张 [Table_ReportDate] 2025 年 03 月 25 日 [Table_S 事件：2025 ummar年y]3 月 24 日，公司发布 2024 年全年业绩简报。2024 年公司 实现营业收入 40.52 亿元，同比增长 91%；实现毛利润 12.40 亿元，同比 增长 122%，对应毛利率达到 30.6%；实现净利润 10.69 亿元，同比增长 277%，对应净利率达到 26.4%；实现经 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total revenue of 3.34 billion HKD in 2024, representing a year-on-year growth of 23.9%. The adjusted net profit attributable to shareholders was 586 million HKD, a year-on-year increase of 59.2%, marking six consecutive years of positive net profit growth since 2019. The gross margin was recorded at 68.7%, an increase of 7.3 percentage points year-on-year [4][5][7] - The company has accelerated its global expansion, with global monthly active users reaching 266 million, a year-on-year increase of 6.7%. Overseas users accounted for 94.51 million (35.6% of total users), growing by 21.7% year-on-year. The introduction of AI features has significantly contributed to user growth and engagement [5][6] - The company has seen a significant increase in paid subscription users, reaching approximately 12.61 million, a historical high with a year-on-year growth of 38.4%. The subscription penetration rate is approximately 4.7%, with a focus on higher-margin imaging and design products [6][7] Financial Performance - For 2025-2027, the company is projected to achieve revenues of 4.11 billion HKD, 4.99 billion HKD, and 5.90 billion HKD, with year-on-year growth rates of 22.9%, 21.4%, and 18.3% respectively. The NON-IFRS net profit is expected to be 903 million HKD, 1.20 billion HKD, and 1.47 billion HKD, with growth rates of 54.2%, 32.2%, and 23.3% respectively [7][10]

"企业系统+消费电子+云计算"三轮驱动，各线业务持续回暖。伟仕佳杰业 务布局以企业系统、消费电子及云计算三大板块为核心，为客户提供全方位 的 ICT 解决方案。其中，消费电子业务稳步回调，实现营业收入 328.13 亿元， 同比增长 8%。企业系统业务爆发式增长，实现营收 523.38 亿元，同比增长 29.5%，成为公司新的增长引擎。云计算业务进一步扩容，实现营业收入 39.34 亿元，同比增长 27.6%，为公司业务升级贡献新机遇。 与国际品牌深入合作，东南亚业务加速扩张。2024 年，公司北亚地区营收 584.3 亿元，同比增长 3.8%，东南亚地区营收 306.5 亿元，同比增长 74.0%。 北亚作为主要市场，增速保持稳健；东南亚市场凭借其强劲的消费潜力和出 海合作，成为集团新的增长亮点。一方面，受益于东南亚庞大人口和数字化 转型需求，公司拥有巨大市场潜力。另一方面，公司与各国际知名品牌深入 合作，持续占领市场份额：与星链达成在马来西亚及印尼地区的合作，成为 HPI TKDN 产品在公共部门 B2G 领域的唯一总经销商；是戴尔、惠普及联 想在新加坡区域市场排名第一的合作伙伴；同时助力华为、科大讯飞、 ...

Investment Rating - The report maintains a "Buy" rating for BYD Company Limited (1211 HK) with a target price of HKD 503.25, indicating a potential upside of 24.8% from the current closing price of HKD 403.40 [1][4][10]. Core Insights - The company's performance meets expectations, driven by export expansion and advancements in intelligent driving technology. The report emphasizes the dual engines of growth: increased exports and the democratization of intelligent driving features [2][7]. - Revenue for 2024 is projected at RMB 777.1 billion, representing a year-on-year growth of 29%. The net profit is expected to reach RMB 40.254 billion, a 34% increase compared to the previous year [7][8]. - The report highlights that BYD's sales volume is anticipated to reach 4.27 million vehicles in 2024, a 41.2% increase year-on-year, with a market share of 33.2% in the new energy vehicle sector [7][8]. Financial Overview - Revenue (in million RMB) is forecasted to grow from 602,315 in 2023 to 977,249 in 2025E, reflecting a compound annual growth rate (CAGR) of approximately 25.8% [3][12]. - Net profit is expected to increase from 30,041 million RMB in 2023 to 52,460 million RMB in 2025E, with a significant year-on-year growth rate of 30.3% in 2025 [3][12]. - The earnings per share (EPS) is projected to rise from RMB 13.33 in 2023 to RMB 23.28 in 2025E, indicating a strong growth trajectory [3][12]. Market Position and Strategy - BYD is positioned as a robust and reliable player in the automotive sector, with a focus on expanding its export markets, particularly in Brazil and Southeast Asia, and enhancing its intelligent driving capabilities [7][8]. - The report notes that the average selling price of vehicles is expected to increase, driven by a higher proportion of premium models and stable pricing in the market [7][8]. - The company is also investing in technology and innovation, with significant increases in research and development expenses, reflecting its commitment to maintaining a competitive edge in the industry [7][8].

Investment Rating - The report assigns a positive investment rating to Tencent Holdings, indicating a favorable outlook for the company's performance in the near future [2]. Core Insights - Tencent's revenue for Q4 2024 reached 172.4 billion RMB, marking an 11% year-on-year increase and a 3% quarter-on-quarter increase. The total revenue for the year was 660.3 billion RMB, up 8% year-on-year [3]. - The company's net profit attributable to shareholders for Q4 2024 was 51.3 billion RMB, a significant 90% increase year-on-year, while the annual net profit reached 194.1 billion RMB, up 68% [3]. - Tencent's capital expenditure for 2024 was 76.8 billion RMB, a 221% increase year-on-year, primarily focused on AI investments and services [3]. - The launch of Tencent's self-developed deep learning model, "混元 T1," showcases its advancements in AI technology, achieving a score of 87.2 in authoritative tests [4]. - The integration of the "腾讯元宝" AI assistant into WeChat is expected to enhance user engagement and potentially reshape the industry landscape [5]. - Tencent's investment in the intelligent robotics company "智元机器人" marks its first foray into the embodied intelligence sector, with a 2% stake in the company [6]. Financial Performance - Q4 2024 revenue: 172.4 billion RMB, up 11% YoY, 3% QoQ [3] - Annual revenue: 660.3 billion RMB, up 8% YoY [3] - Q4 2024 net profit: 51.3 billion RMB, up 90% YoY [3] - Annual net profit: 194.1 billion RMB, up 68% YoY [3] - 2024 capital expenditure: 76.8 billion RMB, up 221% YoY [3] AI Developments - Launch of "混元 T1" deep learning model with industry-leading capabilities [4] - Integration of AI assistant "腾讯元宝" into WeChat, enhancing user interaction [5] - Significant investment in AI research and development, totaling 70.69 billion RMB in 2024 [4]. Strategic Investments - Tencent's first investment in intelligent robotics through "智元机器人," holding a 2% stake [6].

Investment Rating - The report maintains a "Buy" rating for BYD Company Limited (1211 HK) with a target price of HKD 503.25, indicating a potential upside of 24.8% from the current closing price of HKD 403.40 [1][4][10]. Core Insights - The company's performance met expectations, driven by export expansion and advancements in intelligent driving technology. The report emphasizes the dual engines of growth: increased exports and the democratization of intelligent driving features [2][7]. - The revenue forecast for 2024 is set at RMB 777.1 billion, reflecting a year-on-year growth of 29%, with net profit expected to reach RMB 40.254 billion, a 34% increase [7][8]. - The report highlights that BYD's sales volume for 2024 is projected to be 4.27 million vehicles, representing a 41.2% year-on-year increase, with a market share of 33.2% in the new energy vehicle sector [7][8]. Financial Overview - Revenue (in million RMB) is projected to grow from 602,315 in 2023 to 977,249 in 2025E, with a compound annual growth rate (CAGR) of 25.8% [3]. - Net profit is expected to increase from 30,041 million RMB in 2023 to 52,460 million RMB in 2025E, reflecting a CAGR of 30.3% [3]. - The earnings per share (EPS) is forecasted to rise from RMB 13.33 in 2023 to RMB 23.28 in 2025E, indicating strong profitability growth [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 28.2 in 2023 to 16.2 in 2025E, suggesting improved valuation attractiveness [3]. Market Position and Strategy - BYD is expected to leverage its self-built roll-on/roll-off fleet and expanding overseas factories in Thailand, Brazil, and Hungary to boost export volumes significantly [7]. - The introduction of the "Tian Shen Zhi Yan" intelligent driving system aims to make high-level autonomous driving features accessible in lower-priced models, enhancing market penetration [7]. - The report anticipates that sales will reach 5.23 million vehicles in 2025, a 23% increase year-on-year, supported by the growth in exports and intelligent driving technology [7].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [7]. Core Insights - The company is a leading high-end footwear manufacturer with strong design and development capabilities, focusing on high-value-added sports, luxury, and fashion brand clients. Following a successful management transition in 2019, the company has accelerated its expansion into luxury fashion clients and increased its market share in sports categories. The company has initiated its first three-year plan for 2023-2025, targeting a low double-digit profit CAGR [1][2][3]. Summary by Sections Company Overview - The company specializes in high-end footwear manufacturing, with a global production footprint in China, Vietnam, Bangladesh, Indonesia, and the Philippines. It serves notable clients such as Nike, Deckers, Balenciaga, and Cole Haan across various categories including sports, luxury, and fashion. The management transition in 2019 has revitalized the company, leading to accelerated growth in luxury fashion client acquisition and sports category share [2][16][18]. Competitive Advantages - The company boasts leading design and development capabilities, with an average selling price (ASP) of $28.4 in 2024, significantly ahead of the industry. Its R&D expense ratio stands at 3.1%, placing it in the top tier of the industry. The company has established deep ties with high-end brands like Nike and Balenciaga, effectively diversifying its client base and mitigating trend cycle risks. The revenue distribution for 2024 is projected at 45% from sports, 8% from luxury, 27% from fashion, and 20% from leisure [3][4][18]. Financial Performance and Projections - The company is expected to achieve revenues of $1.62 billion in 2025, with a year-on-year growth of 5%. The projected net profit for 2025 is $185.3 million, reflecting an 8.34% increase. The company maintains a commitment to a 70% dividend payout ratio and plans to repurchase $60 million worth of shares annually from 2024 to 2026, resulting in a projected dividend yield of 10% in 2025 [5][6][21]. Production Capacity and Efficiency - The company has diversified its production capacity, with 51% of its output expected from Vietnam and 27% from China in 2024. The average output per employee is projected to reach 1,244 pairs per year, with revenue per employee at $36,000, indicating a continuous improvement in production efficiency [4][21][22].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The performance of Yuehai Investment in 2024 was negatively impacted by Yuehai Land, which recorded an impairment of HKD 1.034 billion, although the dividend payout met expectations [2][5] - The company reported a net cash inflow from continuing operations of HKD 9.15 billion, indicating strong cash flow [2][5] - The company plans to divest Yuehai Land through a special dividend distribution, which is expected to enhance focus on its water assets [5] Financial Summary - Revenue for 2024 is projected at HKD 18.505 billion, a decrease of 24% from 2023 [4] - Net profit for 2024 is expected to be HKD 3.142 billion, a slight increase of 0.64% compared to the previous year [4] - The company’s PE ratio is projected to be 13.96 for 2024, with a PB ratio of 1.05 [4] Operational Insights - Water supply revenue from Hong Kong is expected to increase by 3% to HKD 5.136 billion, while revenue from Shenzhen and Dongguan is projected to decrease by 11% to HKD 1.224 billion due to exchange rate impacts [5] - The company’s net cash inflow from continuing operations, excluding Yuehai Land, is projected to be HKD 9.15 billion [5] - The company’s capital expenditure for 2024 is expected to be HKD 1.857 billion, significantly reduced from HKD 7.696 billion in 2023 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total revenue of 3.34 billion HKD for 2024, representing a year-on-year growth of 23.9%. The adjusted net profit attributable to shareholders was 586 million HKD, a 59.2% increase year-on-year, marking six consecutive years of positive net profit growth since 2019. The gross margin reached 68.7%, up by 7.3 percentage points year-on-year [4][5] - The company is accelerating its global expansion, with global monthly active users reaching 266 million, a 6.7% year-on-year increase, of which overseas users accounted for 94.51 million (35.6%), growing by 21.7% year-on-year. The "AI Dressing" feature significantly contributed to the addition of over 20 million overseas users [5][6] - The company has seen a significant increase in paid subscription users, reaching approximately 12.61 million, a historical high with a year-on-year growth of 38.4%. The subscription penetration rate is about 4.7% [6][7] Financial Performance - For 2025-2027, the company expects revenues of 4.11 billion HKD, 4.99 billion HKD, and 5.90 billion HKD, with year-on-year growth rates of 22.9%, 21.4%, and 18.3% respectively. The NON-IFRS net profit is projected to be 903.996 million HKD, 1.195 billion HKD, and 1.474 billion HKD, with growth rates of 54.2%, 32.2%, and 23.3% respectively [7][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is entering a sustainable profit phase, with positive earnings guidance for 2025 [5] - The company reported a net profit of $37.7 million for 2024, slightly exceeding expectations, indicating financial self-sufficiency [7] - The core product, Furmonertinib, has exceeded market expectations in global sales, and the company is expanding its pipeline with tangible progress [7] Financial Performance Summary - Revenue projections for 2025 are estimated at $694 million, with a year-on-year growth rate of 10.17% [6][11] - The net profit for 2025 is projected to be $393 million, reflecting a significant year-on-year increase of 942.79% [6][11] - The company expects comprehensive revenue from its oncology/immunology business to be between $350 million and $450 million in 2025 [7] Future Catalysts - Continued overseas sales growth for Furmonertinib in Europe and Japan is anticipated to drive new growth [7] - The company plans to submit a New Drug Application (NDA) for Savolitinib for NSCLC in 2025 [7] - The antibody-drug conjugate ATTC platform is expected to start clinical trials in the second half of 2025 [7] Pipeline Overview - The company has a diversified and validated late-stage product pipeline, including several drugs with positive clinical data and upcoming NDA submissions [8]